Short Sales & Bank Owned in Happy Valley Oregon

Both my husband and I are realtors specializing in the Happy Valley area… short sales and bank owned is a way of life on the grand “Hill of Views”.  It’s no surprise the Happy Valley has established a reputation as Hill of McMansions, Short Sales and 1/2 built homes.  They over developed, the economy turned, and now there are an abundance of great deals for those who are able to invest. 

Good News?  GREAT deals to be had. Anything around $119 or less for a newly constructed monster home (approx. 4,000 square feet) is a find! The majority of the short sale homes are priced very low and if you offer close to asking, chances are good if you’re patient and have no contingencies that you could find yourself a new home owner. 

Bad News? Short Sales that are priced so low they are attracting multiple offers…. which means that your chances of getting the home with an offer much less than they’re asking is slim when competing with other offers. The low listing price attracts almost a “frenzy” similar to what you’d see on Ebay. 

FACTS as of 9/3/08:

  • There are Currently 411 homes for sale in Happy Valley
  • 321 of those 411 are priced over $400,000
  • 107 of those 411 are short sale properies
  • Only 21 homes in all of Happy Valley sold in the last month

Amazing to know really… approx. 1 out of 4 homes in Happey Valley is a Short Sale.  Last month about 4 homes sold under $100psf (per sq. ft.), but there are currently over 20 listed at around $111psf or less.  The unfortunate news is for the homeowners that aren’t selling under distress… they are having a horrible time competing with the distressed sale prices and often they too will be forced to sell short.   

If you are in a position to wait as long as possibly 3 months to get a home and you don’t need to sell your home (a contingency) to purchase this could be a great option for you. MANY agents don’t want to work with a short sale transaction (and for good reason) but if you’re a good candidate the effort and work can be rewarding! And by the way…. the bank owned homes are fantastic! No emotional seller, no waiting months for a response to your offer, and they are quick to sell at a great price!

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